Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, must register with the GFSC
Gibraltar is a global leader in cryptocurrency regulation: cryptocurrency is not considered legal tender in the country but cryptocurrency exchanges are legal and operate within a well-defined regulatory framework. Gibraltar has a reputation as a low taxation environment: it does not impose capital gains or dividend tax on cryptocurrencies, and crypto exchanges are subject to a business-friendly 10% corporate income tax rate.
In January 2018, Gibraltar introduced its Digital Ledger Technology Regulatory Framework after extensive engagement with the crypto industry. Under the framework, exchanges must register with the Gibraltar Financial Services Commission (GFSC) and demonstrate that they are meeting the ‘principles’ of the DLT framework, which include a strong focus on the detection and disclosure of money laundering and terrorist financing.
Gibraltar’s government is seeking to strengthen its position as a global leader by exploring further cryptocurrency regulation. In 2017, the GFSC issued a statement on the unregulated use of ICOs and suggested it will monitor their use within the DLT Framework. Similarly, the commission’s Innovate and Create Team has been established to help businesses innovate new products for the crypto-economy.
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